Micrus Posts 4th-quarter Profit On Lower Costs

SAN JOSE, Calif. (AP) — Medical device maker Micrus Endovascular Corp. said Thursday it turned a profit in its fiscal fourth quarter after cutting its spending by a third.

The company reported a profit of $576,000, or 4 cents per share, compared with a year-ago loss of $6.2 million, or 40 cents per share. Sales edged up 5 percent, to $20.8 million from $19.7 million, and Micrus slashed its total spending to $13.9 million from $20.8 million a year ago.

Analysts expected a loss of 5 cents per share and revenue of $19.4 million in the three months ended March 31, according to an estimate by Thomson Reuters.

Micrus said revenue from the Americas increased 7 percent to $11.4 million. Asia Pacific revenue rose 36 percent to $3.3 million, due to greater sales to the company's distributor in Japan. European revenue fell 9 percent to $6.1 million due to the stronger dollar.

The company lowered its research and development spending to $2 million from $3.6 million, trimmed sales and marketing spending to $6.3 million from $8.6 million, and lowered its general and administrative expenses to $5.2 million from $8.6 million.

For the full fiscal year, the company recorded a loss of $11.1 million, or 70 cents per share, compared with a year-ago loss of $16.3 million, or $1.05 per share. Its revenue rose 13 percent to $78.2 million from $69.2 million.

Micrus forecast a profit in fiscal 2010, but its revenue guidance was less than analysts expected.